Filing Analysis
Security Federal Corporation filed an 8-K to furnish its quarterly earnings release for the period ended September 30, 2024. This is a routine regulatory filing used to communicate financial results to shareholders.
📋 Key Facts
- Earnings release issued on October 30, 2024.
- Reporting period: Quarter ended September 30, 2024.
- The filing includes Exhibit 99.1 containing the press release.
Security Federal Corporation has announced the early redemption of its entire $16.5 million outstanding 5.25% Fixed-to-Floating Rate Ten-Year Notes, scheduled for November 22, 2024.
🚩 Red Flags
- Significant cash outflow ($16.5M) may impact short-term liquidity depending on total cash reserves (not specified in filing).
📋 Key Facts
- Redemption Date: November 22, 2024
- Aggregate principal amount to be redeemed: $16,500,000
- Note Type: 5.25% Fixed-to-Floating Rate Ten-Year Notes due November 22, 2029
- Redemption Price: 100% of principal plus accrued and unpaid interest
- Funding Source: The Company will utilize excess cash on hand for the payment.
Security Federal Corporation has announced an expansion of its existing stock repurchase program. The Board of Directors approved increasing the authorized number of shares for repurchase by an additional 100,000 shares.
📋 Key Facts
- Board approved an increase in authorized shares for repurchase: 100,000 additional shares.
- Total potential shares under the program (including remaining initial allotment): 135,276 shares.
- Repurchases are subject to management discretion and market conditions.
- Compliance with Rule 10b-18 of the Securities Exchange Act of 1934 is intended for open market purchases.
Security Federal Corporation filed an 8-K to furnish its quarterly earnings release for the period ended June 30, 2024.
📋 Key Facts
- Earnings release issued on July 29, 2024, for the quarter ended June 30, 2024.
- The filing serves to provide financial results via Exhibit 99.1.
Security Federal Corporation held its Annual Meeting of Shareholders on May 9, 2024. The meeting resulted in the election of three directors and advisory approval of executive compensation.
📋 Key Facts
- Annual Meeting held virtually on May 9, 2024.
- Quorum was present with 2,352,294 shares represented out of 3,229,325 total outstanding shares.
- Timothy W. Simmons, Harry O. Weeks, Jr., and Roy G. Lindburg were elected to the Board for three-year terms expiring in 2027.
- Shareholders approved the compensation of named executive officers with 93% 'For' votes among shares present.
Security Federal Corporation filed an 8-K to furnish its quarterly earnings release for the period ending March 31, 2024. The filing serves as a formal mechanism to provide financial results and operational updates to shareholders.
📋 Key Facts
- Earnings release issued on April 29, 2024, for the quarter ended March 31, 2024.
- The report was signed by Darrell Rains, Chief Financial Officer.
- Financial results are provided via Exhibit 99.1.
Security Federal Corporation filed an 8-K to furnish its earnings release for the fiscal quarter ended December 31, 2023.
📋 Key Facts
- The filing was made on February 5, 2024.
- The report pertains to the results of operations and financial condition for the quarter ending December 31, 2023.
- An earnings press release was issued as Exhibit 99.1.
Security Federal Corporation has amended its Bylaws to remove the age limitation for officers, which previously capped officer age at 70.5 years.
📋 Key Facts
- The Board of Directors approved an amendment to delete Article V – Officers – Section 12 (Age Limitation).
- The previous policy imposed a 70.5-year age limit on Company officers.
- The amendment is effective immediately as of the report date.